News
FSA report: 'The sale of payment protection insurance - results of thematic work'.
In November 2005 the FSA published a report, In this work, we came across terms in payment protection insurance (PPI) contracts that prevented consumers from receiving any refund if they repay their loan early outside the statutory cancellation period (…
Chubb drops DAS and RAC for Law Shield claims deal
The personal lines division of Chubb Insurance has selected LawShield UK Ltd to handle the majority of its motor claims process. This will provide Chubb’s Masterpiece Motor policyholders with a more streamlined, single-provider service for claims…
IUA forms liability group
A new liability underwriters group has been established by the International Underwriting Association. Consisting of leading underwriters from across the London Market the group will aim to aim to promote knowledge and expertise in the liability sector.
Technology - Aon boss hails progress in London electronic trading
The director of change strategy at Aon has recently asserted that electronic trading in the London m...
London market - New Lloyd's agency born as Chaucer strikes Quanta deal
Lloyd's insurer Chaucer has announced that it has signed a preliminary agreement with Quanta Capital...
Alexander Forbes' CEO resigns as sell-off talks start
Broker Alexander Forbes' group chief executive officer (CEO), Rael Gordon, has resigned and the firm...
Before you get into a sidecar, make sure you know who's driving
Mark Geoghegan looks at the extraordinary level of commitment and trust required to hand underwriting authority over to a third party
Wellington to hit target on catastrophe exposures
Lloyd's (re)insurer Wellington has reported accelerating average rate increases and said that it exp...
Expansion - Willis unveils plans for five-year buying spree to boost growth
In a recent investor briefing designed to highlight the company's five-year strategy, the Willis gro...
New natural-catastrophe programme for Swiss Re
Swiss Re has announced the placement of a natural-catastrophe protection programme called Successor,...
Repeat of 1811 New Madrid quake in South-eastern US "could cost $60bn"
Risk Management Solutions (RMS) has announced the launch of a major update to its US and Canada eart...
Weather risk - RMS introduces new wind-risk modelling for Europe
Risk Management Solutions (RMS) has announced the launch of a new platform for quantifying wind-rela...
Japanese majors post strong 05-06 non-life results
Fitch Ratings has said that major Japanese non-life insurers posted strong underwriting results for ...
Acquisitions - It's official: AXA will buy Winterthur from Credit Suisse in $9.8bn deal
AXA has agreed to acquire Winterthur for 12.3bn Swiss francs ($9.8bn), following a period of specula...
London market - Newline sets up UK-based company
Following the lead of many Lloyd's-based operations, Odyssey Re's Newline Underwriting Management ha...
Capital adequacy - Fitch Ratings announces new capital-model methodology
Fitch Ratings has released an enhanced methodology for incorporating a review of an insurer's in-hou...
Technology - RI3K and Xchanging launch tech framework for London market
RI3K and Xchanging have introduced a new joint project called FELIX - the Framework for the Electron...
Equitas settles with Hartford
Equitas has announced that it has reached a comprehensive settlement of policies existing between th...
Swiss Re finally absorbs GE Insurance Services
Swiss Re has completed the acquisition of GE Insurance Solutions (GEIS), which will be integrated in...
Lloyd's marine unit launches new ship-tracker database
Lloyd's Marine Intelligence Unit has launched www.lloydsmiu.com - a new marine database. The new si...
Schemes challenge upheld by UK High Court
The English High Court has upheld a challenge to the voting process for solvent schemes of arrangeme...
JLT closes in on Heath
Jardine Lloyd Thompson's £140m takeover bid for Heath Lambert is almost a done deal, according to market sources.
Ernst & Young signs up for Benfield’s ReMetrica
Benfield has announced that Ernst & Young has signed an agreement to license its ReMetrica Dynamic Financial Analysis (DFA) modelling tool to undertake a range of economic capital modelling work for its insurance and reinsurance clients around the world.
AIG sets up marine and energy division after Starr divorce
American International Group (AIG) has announced that it has established AIG Global Marine and Energy, a new division of the AIG property and casualty insurance subsidiaries. The unit will service the insurance, risk management and loss control needs of…